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Purchasing a semi-truck or trailer is a major investment for any trucking business, and navigating the financing process can feel daunting, especially for first-time buyers. Finding the right equipment may seem like the easy part once you’re faced with banking terms, credit scores, and financial paperwork.
At TEC Equipment, we aim to be your trusted partner throughout the entire process—whether it's helping you choose the right truck or trailer, providing maintenance and service, or guiding you through financing. With our in-house finance team’s decades of experience, we make it our mission to simplify financing, so you can focus on getting your business on the road.
Understanding the loan process is only part of the equation, securing favorable terms is the goal. That’s where our financing team steps in. With access to over 40 lenders, we’ve already done the legwork to ensure our customers receive the best terms possible.
Before you sign anything, we’ll thoroughly review your contract to eliminate overly restrictive policies. We’ve even had major banks rewrite financing agreements to better serve our customers. With TEC Finance, we make sure you fully understand the contract terms and avoid any pitfalls in the fine print.
Here are some contract terms we always keep an eye on for you:
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How much is the down payment?
The short answer is however much you’re willing and able to put down. Down payments go a long way towards lowering the risk to a lender. When you invest in your own business with a larger down payment, lenders feel better about investing too. So if you have anything iffy in your credit history, a larger down payment can help. For first time buyers, you’ll likely need a larger down payment, in the 10s of thousands, depending on the final price of the truck or trailer itself.
What is the interest rate?
Again, the short answer is it depends. Interest rates vary quite a bit depending on several factors, including:
If you’re new to trucking, your rate will be higher. If you have a great cosigner, your rate could be lower. Interest rates for commercial truck or trailer purchases tend to range anywhere from single digits up into the 20s. But again, the rate you receive depends entirely on your individual si
How long is a semi truck loan?
As with interest rates, the length of the loan depends on your individual situation, the equipment you’re purchasing, and the bank or lender. Typically, loans run from six to 72 months (that’s six years).
What paperwork do you need for a commercial loan?
When you work with TEC Finance, all we need is a commercial credit application and a purchase order to start shopping for loans. In some cases, that may be enough, but we’ll ask for the documentation we need to build you up as an attractive applicant to a lender. That other documentation might include:
Whether this is your first semi-truck purchase or you’re expanding a growing fleet, finding a lender with favorable terms is just as important as choosing the right truck. At TEC Equipment, our finance team is dedicated to helping you secure financing that works for your business, today and for years to come.
